The economic growth in the region can also affect the prices of housing. Economic growth leads to increasing wages which increase the propensity to buy and save for the people in the economy. As a result they have more money and funds. The desire for better living standards is created resulting in a demand for housing. This then increases the prices of real; estate in the market.
Aside from the above mentioned factors, the mortgage industry as well as the location of the housing and real estate also affects their prices. The mortgage industry tends to increase the price of housing if the mortgages are lent at high rates. Similarly the location of the house of the property can greatly affect the price of a house as some location specially those in a clean environment, near schools, parks, recreational facilities fo0r residential properties and easy transportation access for commercial properties tend to affect the prices of the real estate.
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